that's why india holds more personal gold than anywhere else - to them it is money.Morning All,
Anyone who was in India four years ago when Mr. Modi went on t.v. at 20:00 to announce 'De-moneytisation' at midnight and the R/s.500 and R/s.1000 notes would be 'worthless'(my word), will tell you the absolute chaos and deaths that ensured. Lines of people at ATMs 24/7 trying to draw cash that had been restriced to give out only R/s.2000. A lot of people only got by by having hard cash under the matress. It was fckn mental.
Just three days ago I tried to draw cash to pay my rent, only to be told that withdrawals were limited to R/s.5000 but that didn't matter as the machine was empty, as were the only four machines in the town, fckn chaos again. Luckily I had cash to do shopping but not enough to pay the rent as well.
Guess where my hard cash went.
that new fangled paper stuff is already being replaced but my wedding bangles are still worth more than what they cost.
interestingly they reckon most of the claimed US gold reserves (8,500 tons) is now adorning indian wrists and necks.
which is why it hasn't been audited since the 70s and they refuse to let the germans audit their own 10,500 tons stored in New York